The price of crude oil went through the $100/barrel at the beginning of the year, since then it has gone up a further 25% in just a few short months as worries over supply and demand (especially from China) have caused concern.
Some analysts predict that is could reach a whopping
$200/barrel in the not so distant future..... you've been warned
From the BBC....
Quote:
The price of crude oil could soar to $200 a barrel in as little as six months, as supply continues to struggle to meet demand, a report has warned.
Goldman Sachs energy strategist Argun Murti made the warning as benchmark US light crude passed the $123 mark for the first time.
Surging demand was increasingly likely to create a "super-spike" past $200 in six months-to-two years' time, he said.
Oil prices have now risen by 25% in the
last four months and 400% since 2001.
US sweet, light crude hit an all-time peak of $123.53 (£63.25) on Wednesday, while London Brent crude jumped to $122.32.
Mr Murti correctly predicted three years ago - when oil was about $55 a barrel - that it would pass $100, which it reached for the first time in January of this year.
Soaring global demand for oil is being led by China's continuing economic boom and, to a lesser extent, by India's rapid economic expansion.
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http://news.bbc.co.uk/1/hi/business/7387203.stm for full story
James.
Petrol prices set to rise again
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